Chances of being accepted?

Fizz_Bomb

Hi all, 

sorry me again with more worries. We’ve been given a DIP from Precise with an interest rate of 6.1% (ouch i know)  but declined from 3 other lenders the broker tried (soft searches) due to my credit history (Iva over 6 years ago and 1 default from 5.5years ago which I’m in the process of trying to get removed as it’s incorrect) 

anyway the details are:

house value: 275k
deposit 42k
Joint income 85k
Monthly repayments £1500

we have sat and crunched numbers today and worked out we can afford it although it’s going to be tight for a couple of years until we can hopefully remortgage and my credit file will have improved. 

I’m past myself now worrying whether this will be accepted…could anyone offer any thoughts? 

Thank you 

K_S

@fizz_bomb You've used a broker and got a DIP from Precise for the loan amount you require. This should mean that you meet Precise's criteria, the loan size is affordable (as per Precise's calculations) and you meet their 'credit-scoring' requirement.

At this stage that is as much assurance as you can get. There is always the chance that the underwriter asks for more details and makes a subjective assessment on particular aspects of the application/applicants, etc. but generally speaking there's really nothing more that your broker or you can do to ascertain that at this stage.

If you really don't want to use Precise for whatever reason then it might be worth considering if you want to wait till the Barclays default drops off your report, either because you're able to get Barclays to remove it or it hits the 6 year mark. There's no guarantee you'll get a much better rate as that'll depend on what rates are available in a few months time.

It's not ideal but looking at the larger picture paying 1-1.5% over mainstream rates for a couple of years is unlikely to be something you'll remember or regret 5-10-15 years down the line  

Good luck!

Fizz_Bomb said:

Hi all, 

sorry me again with more worries. We’ve been given a DIP from Precise with an interest rate of 6.1% (ouch i know)  but declined from 3 other lenders the broker tried (soft searches) due to my credit history (Iva over 6 years ago and 1 default from 5.5years ago which I’m in the process of trying to get removed as it’s incorrect) 

anyway the details are:

house value: 275k
deposit 42k
Joint income 85k
Monthly repayments £1500

we have sat and crunched numbers today and worked out we can afford it although it’s going to be tight for a couple of years until we can hopefully remortgage and my credit file will have improved. 

I’m past myself now worrying whether this will be accepted…could anyone offer any thoughts? 

Thank you